Crude oil prices are trading on a firm note on Thursday, lifting the West Texas Intermediate to the area of session peaks around $53.40 per barrel.
WTI up on weaker USD, OPEC headlines
Prices for the barrel of the American benchmark for the sweet light crude oil met extra buying pressure today after news agency Reuters hinted at the likeliness that the OPEC/non-OPEC deal to limit crude output could be extended at the May meeting.
Adding to the upside, the greenback has surrendered part of recent gains despite the better-than-expected inflation figures and retail sales in the US economy during January and the hawkish tone from Yellen’s testimonies and further comments by FOMC governors.
WTI has managed to leave behind the recent large increase in US crude oil supplies, as reported by the API and the EIA, maintaining the sideline theme and with OPEC headlines as the almost exclusive catalyst for prices.
Later in the session, US Housing Starts, Building Permits and the Philly Fed manufacturing index should keep the attention on the buck, while driller Baker Hughes will report on the US oil-rig count on Friday.
WTI levels to consider
At the moment the barrel of WTI is up 0.53% at $53.39 facing the next hurdle at $53.90 (high Feb.13) followed by $54.13 (high Feb.10) and finally $54.34 (high Feb.2). On the flip side, a breach of $52.73 (low Feb.15) would aim for $52.63 (55-day sma) and then $51.22 (low Feb.8).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.